I WILL UPVOTE

of 2018: Huber Company has provided the following budget information for the first quarter Additional data related to the first quarter of 2018 for Huber Company: Click the icon to view the budget information.) (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Huber Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018. Begin by preparing the schedule of cash receipts from customers for the first quarter of 2018. Cash Receipts from Customers First Quarter 2018 Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31, 2017 1st Qtr-Sales Question Viewer Total cash receipts from customers Accounts Receivable balance, March 31, 2018: 1st Qtr.-Sales, collected in 2nd Qtr. ollowing budaat information for the first quarter Additional data related to the first cuarter of 201 get info i Data Table ompany $ first qua cash 210,000 41,000 37,400 1,119 600 Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense 6,850 ecember 13,000 4,500 ers 1,900 100 March 10,500 Qtr. Print Done elds and Clor All (Click the icon to view the data.) get information More Info Com quarter of cl U a. Capital expenditures include $40,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 75% of sales in the quarter of the sale and 25% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at $42,000 and is paid in the quarter incurred. f. Huber Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2017, balance in Cash is $45,000, in Accounts Receivable is $26,200, and in Accounts Payable is $12,500. -s: Dece ers e, Ma Print Done d Qtr